EUR/GBP – 1H – SELLThe combination Euro/British Pound (EUR/GBP) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 0.82898 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 0.83173 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 0.82758536 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support level at 0.83173 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Three Black Crows’ chart pattern is existing. The candles form ‘Three Black Crows’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83281 |
| 2nd High | 0.83249 |
| Next High | 0.83173 |
| Current Price | 0.82907 |
| Next Low | 0.82898 |
| 2nd Low | 0.82742 |
| 3rd Low | 0.82625 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Black Crows